I have a client company who has in excess of £25k to distribute on closing their company, which has ceased trading.
Having not applied for C16 before, and now being constrained by the 1st March 2012 deadline (when the distribution cap of £25,000 comes into play) I want to ensure I'm not missing anything.
Am I right in thinking that as long as the reserves in the company are distributed before the 1st March, and as long as we apply for C16 clearance before then, we will be ok? Do we need to know how much the distribution will be?
The CT won't be paid before 1st March (unless we can get the accounts done by then) but will be paid shortly afterwards.